MILAN, July 8 (Class Editori) — On Friday, July 8, Tenaris, a global supplier of pipes and services for oil and gas production, entered into a definitive agreement with BENTELER North America Corporation, part of the BENTELER Group, to acquire 100% of BENTELER Steel & Tube Manufacturing. The transaction will cost 460 million dollars on a cash-free and debt-free basis. As stated in a note, the transaction includes 52 million dollars in working capital.
Tenaris to consolidate its presence in the US
The company the giant is going to acquire is a US producer of seamless steel pipes, with an annual pipe rolling capacity of up to 400,000 tons at its plant in Shreveport, Louisiana. The closing is expected in the last quarter of 2022, subject to approval by US antitrust authorities. Thanks to the acquisition, Tenaris aims to further expand its production reach and consolidate its presence in the local manufacturing industry.
Stock on a rally on the FTSE MIB
Listed on Piazza Affari, Tenaris has started the last trading session of the week sharply higher, gaining 2.75% to 12.56 euros for 15 billion euros in capitalization. Meanwhile, oil is losing ground on both benchmark lists: -0.71% for WTI at 102 euros per barrel and -0.48% for Brent at 104 euros. European gas trades down 5.69% at 172.75 euros per megawatt hour, after exceeding 180 euros in recent days due to strikes in Norway and flow cuts from Russia.
(Source:Class Editori)
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